Retail

Kroger misses quarterly sales expectations, shares fall

Share
Key Points
  • U.S. supermarket chain Kroger missed Wall Street estimates for sales.
  • Online grocery demand slowed in the third quarter, sending shares down 4%.
Assistant store manager Jesus Alvarez rings up groceries from behind a new plexiglass barrier at Ralphs Kroger grocery store after California issued a stay-at-home order in an effort to prevent the spread of coronavirus disease (COVID-19), in Los Angeles.
Lucy Nicholson | Reuters

U.S. supermarket chain Kroger missed Wall Street estimates for sales on Thursday as online grocery demand slowed in the third quarter, sending shares down 4%.

Kroger's quarterly sales rose to $29.72 billion in the third quarter from $27.97 billion a year earlier, but still missed the Refinitiv IBES estimate of $29.97 billion.

Digital sales more than doubled, but was down compared with last quarter's 127% growth.

The chain, however, forecast adjusted profit per share for 2020 between $3.30 and $3.35, compared with a prior range of $3.20 to $3.30 per share and Refinitiv IBES estimate of $3.30.